Phra Racha Wang Derm, is an important and valuable historical site in Thai History. It was the palace of King Taksin the Great who liberated Thailand when Ayutthaya was captured by the Burmese. It is located on the bank of the Chao Phraya River near the mouth of Bangkok Yai Canal, a site that once had great strategic importance.

King Taksin had his palace constructed in 1767. Phra Racha Wang Derm became his only palace in the Thon Buri Period. Later, several important members of the Chakri Dynasty resided in this palace.

After the death of the Crown Prince Chakrapatradipongse, the last occupant, King Rama V gave the palace to the Royal Thai Navy to be used as a naval academy. His Majesty King Rama V officially inaugurated the Academy on November 20, 1905. When the Naval Academy moved to a new location, the palace became the Royal Thai Navy Headquarters.

Because Phra Racha Wang Derm is an extremely important and historically valuable monument of Thai History, it is worth preserving for future generations.